This report assesses the debt condition of the City of New York. It details the amount of debt the City may incur for capital projects during Fiscal Years 2007-2010.
From an analysis conducted on the financial activities of 98 union-administered welfare, education, and annuity funds, it was found that the expenses of certain funds exceeded their revenues, leading to operating deficits. In addition, an unnecessarily large percentage of funds was spend on administrative expenses and some funds had abnormally large reserves. Recommendations have been made to address these issues.
From an audit conducted on Sterling Mets, L.P. (the New York Mets), it was found that the Mets generally followed the provisions of their lease with New York City. However, the Mets did not pay all required fees due to poor bookkeeping and organization. Recommendations have been made to rectify the issue.
This audit determines whether the Brooklyn Navy Yard Development Corporation, which was purchased by New York City to create a modern complex that would increase employment opportunities, has adequate leasing and rent-collection practices.